Flipping Half A Multi
I'm buying a 2-unit multi next month.
I'm going to immediately flip one unit, as a condo convert, and live in the second.
Does anyone have any idea how, or if, capital gains applies if I'm technically NOT making a profit?
All things being equal, I'm assuming they split my original purchase price in half and base any gains on that.
Thanks.
[addsig]
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